According to the Centre for Monitoring Indian Economy (CMIE), India is likely to see 10 per cent growth in industrial production during fiscal year 2008-09, up from 8.3 per cent in the last fiscal. The leading sectors fuelling this growth would be machinery, chemicals and transport. Apart from these sectors, metals, non-metallic mineral products and textiles would also augment the industrial growth. "The industry is creating fresh capacities at an aggressive pace and, as these new capacities get commissioned, supplies would increase to meet the soaring demand. As a result, we believe that the current slowdown seen in the Index of Industrial Production (IIP) numbers is a short-term phenomenon that would be reversed by the middle of 2008-09,” the report stated. In fiscal year 2009, the chemical industry is likely to grow by 13.2 per cent, machinery industry by 22 per cent, cement industry by 11.5 per cent, metal by 12.6 per cent, and the transport sector by 10.2 per cent.
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